The Korean economy grew rate at an eight-year high of 6.1 percent last year, rounding out a strong year buoyed by public stimulus and resilient exports under record low borrowing costs, the central bank said on Wednesday.Growth was slower in the final three months of 2010 at 0.5 percent, down from the third quarter when the economy grew 0.7 percent. On an annual basis, Asia’s fourth-largest econom

The new leader of the Federation of Korean Trade Unions, the nation’s largest umbrella labor group, hinted at breaking up the strategic alliance with the ruling Grand National Party.Lee Yong-deuk, 58, who served in the position between 2004 and 2008, was re-elected as the group’s new chairman by winning a majority vote of 53.4 percent in member voting Tuesday. “We all have to work together and joi

Korea Electric Power Corp. has established the country’s first meteorological tower at sea as part of its offshore wind power generation. The 115-meter Herald of Meteorological and Oceanographic Special Unit-1 was built on the South Sea near the Busan-Yeonggwang area, the company said Wednesday.Its primary purpose is to obtain meteorological and oceanographic data for an offshore wind farm planned

Next-generation networks to be set up from this yearThe government said Wednesday that it will speed up the establishment of next-generation mobile communication systems, aiming to lead the global wireless market by 2015.The Korea Communications Commission and the Ministry of Knowledge Economy said they will secure key technologies, such as fourth-generation telecommunication technologies, and bui

Public optimistic but worried about future price increasesKorea’s consumer confidence declined in January as higher inflation is feared to hurt the livelihood of low- and middle-income households, the central bank said Wednesday.The outlook for inflation reinforced the widespread expectation for another interest rate increase as early as in March. The consumer sentiment index ― a gauge of consumer

North Korea has long been considered the world’s most mysterious travel destination. Now, a new tour is to offer travelers the chance not only to see tourist attractions, but also to learn about North Korea’s guiding principle of “Juche.”Juche is the ideology of the North Korean regime, which calls for independence in politics, as well as self-sustenance in the economy and military defense.  (Yonh

Daewoo Engineering & Construction CEO Seo Jong-uk was reappointed to the post for a three-year term, the firm said Wednesday.The nation’s fourth-largest builder said it held general and board meetings Tuesday and made the decision, despite recent changes it has undergone. It was acquired by Industrial Bank of Korea late last year. IBK currently holds 50.8 percent of the firm’s share.  Seo Jong-woo

Ex-minister Kang heads potential candidates for major private, public institutionsA number of highest-level personnel changes are expected in the financial market during the first quarter of this year, with attention focused on whether President Lee Myung-bak’s confidant Kang Man-soo and other senior bureaucrats land top industry posts.  Woori Financial Group, Shinhan Financial Group, Hana Financi

State of the Union address demands N.K. abandon nukesWASHINGTON (AP) ― U.S. President Barack Obama highlighted America’s close ties with South Korea in his annual State of the Union policy speech Tuesday, praising South Korean progress and development and calling on Congress to ratify a newly negotiated trade agreement with Seoul.“To help businesses sell more products abroad, we set a goal of doub